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Price Action and Trading Discussion

  • #2,361
  • Oct 15, 2012 12:25pm Oct 15, 2012 12:25pm
Quoting Quezoy
Short USD/CHF.
Went for it at the TL & 100 SMA confluence.
Jib, SL is 33 pips, so you can see its doable.

People are waiting for retail sales data in 30 mins.
Nice trade i am currently waiting on close of 4HR bar from TL rejection on aud/usd. Has a nice channel trending down.

Market has been stuck in a range today .
Attached Image (click to enlarge)
Click to Enlarge Name: aud usd.gif Size: 27 KB
  • #2,362
  • Oct 15, 2012 7:08pm Oct 15, 2012 7:08pm
DW. I appreciate you pounding away and teaching about money management and position sizing et al. My earliest trading mentor always taught that we should save up money and get adequate trading capital before getting into the market. He emphasized that while we are saving, we can build on our education and hone our skills and trade the demo accounts. As newer traders, this philosophy is as exciting as having a pretend girlfriend. However, As I progress through my trading career, I have learned that sometimes less is more, patience is profitable, and greed is suicide. As I see it, Trying to curve fit your stop losses might be a little too risky for me. I might be better off following the advise of my old mentor. (and my new one , DW) I agree with a previous post regarding Oanda's trading platform. You can trade what you got and not worry about crunching money. The system deals with any dollar amount you put in. This thread is a treasure trove of outstanding trading advise. I thank you and all contributors for your educational posts and for the trading insights. Long live this thread and never let it die. Many of us are learning here often.
  • #2,363
  • Oct 16, 2012 2:55am Oct 16, 2012 2:55am
Good morning positive developement.

USD/CHF broke lower then the last low
EUR/AUD going up again. C'mon lets break this 50 fib ret.
Thoughts are things
  • #2,364
  • Oct 16, 2012 3:28am Oct 16, 2012 3:28am
Quoting jimmaxx
DW. I appreciate you pounding away and teaching about money management and position sizing et al. My earliest trading mentor always taught that we should save up money and get adequate trading capital before getting into the market. He emphasized that while we are saving, we can build on our education and hone our skills and trade the demo accounts. As newer traders, this philosophy is as exciting as having a pretend girlfriend. However, As I progress through my trading career, I have learned that sometimes less is more, patience is profitable,...
gcad and eu buys triggered!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gcad.gif Size: 29 KB
Click to Enlarge Name: eu.gif Size: 28 KB
  • #2,365
  • Oct 16, 2012 3:36am Oct 16, 2012 3:36am
Pending sell A/U
Attached Image (click to enlarge)
Click to Enlarge Name: au.png Size: 36 KB
Thoughts are things
  • #2,366
  • Oct 16, 2012 4:22am Oct 16, 2012 4:22am
Quoting Quezoy
Pending sell A/U
I have a similar order in will get some images up soonish.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,367
  • Oct 16, 2012 4:43am Oct 16, 2012 4:43am
Quoting Quezoy
Pending sell A/U
We should not forget about corrolation where a pair going up and the other going down. Just my own thought.
  • #2,368
  • Oct 16, 2012 4:44am Oct 16, 2012 4:44am
Quoting jimmaxx
DW. I appreciate you pounding away and teaching about money management and position sizing et al. My earliest trading mentor always taught that we should save up money and get adequate trading capital before getting into the market. He emphasized that while we are saving, we can build on our education and hone our skills and trade the demo accounts. As newer traders, this philosophy is as exciting as having a pretend girlfriend. However, As I progress through my trading career, I have learned that sometimes less is more, patience is profitable,...
Hi Jimmaxx,

Thank you for the kind words.

In my opinion the risk management and position sizing side of trading is of upmost importance, and my apologies for those readers who have heard it before and who are already doing it but it can be worthwhile revisiting it now and then.

I particularly like your reference to the "pretend girlfriend" that gave me a bit of a chuckle

"Less is more, patience is profitable, greed is suicide" - I couldnt agree more with that statement. You do not need to trade often to be profitable. Whatever suits your personal risk tolerance and lifestyle is what you should aim for.

I used to trade a lot of smaller time frames charts but now due to wanting to lessen my screen time and have much more time for other things going on in my life I switched to the longer time frame. Same principles just longer term and less trades.

Curve fitting can indeed be a dangerous practice.

I am not sure on what brokers offer what services as I tend to simply stick to the ones I use. But I would imagine there are some out there that would give the ability to trade with the smaller account sized and using the micro lots etc.

Cheers.
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,369
  • Oct 16, 2012 4:46am Oct 16, 2012 4:46am
Quoting Tiwa
We should not forget about corrolation where a pair going up and the other going down. Just my own thought.
Hi Tiwa,

I try not to get too caught up in correlation.

Can I ask what pairs you are comparing it too ?
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,370
  • Oct 16, 2012 4:48am Oct 16, 2012 4:48am
Quoting DarkWolF
Hi Tiwa,

I try not to get too caught up in correlation.

Can I ask what pairs you are comparing it too ?
usdchf and audusd
  • #2,371
  • Oct 16, 2012 4:50am Oct 16, 2012 4:50am
Trend lines can easily be broken just as much as they can hold.

I had a pending in which go triggered just as I was doing the image.

Early signs are it going straight into drawdown, I guess time will tell.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD 4 hourly 16-10.jpg Size: 96 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,372
  • Oct 16, 2012 4:52am Oct 16, 2012 4:52am
Quoting Tiwa
usdchf and audusd
what do you think about what is happining now on eurjpy 4hour comment please.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy 4 hour 16 10 2012.gif Size: 40 KB
  • #2,373
  • Oct 16, 2012 4:59am Oct 16, 2012 4:59am
Quoting Tiwa
what do you think about what is happining now on eurjpy 4hour comment please.
Attachment
Your attached chart is an hourly chart.

Here is some thoughts on the 4 hourly EJ chart.
Attached Image (click to enlarge)
Click to Enlarge Name: EJ 4 hourly.jpg Size: 108 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,374
  • Oct 16, 2012 5:01am Oct 16, 2012 5:01am
Quoting Tiwa
usdchf and audusd
You are right.

My U/C is at BE allready, thats why I took the A/U trade. Otherwise I wouldnt do it.
Another thing is that from a TA standpoint, the AU trade was very good, IMO.

Not a good thing to do generally, but I went for it this time.
Thoughts are things
  • #2,375
  • Oct 16, 2012 5:02am Oct 16, 2012 5:02am
Quoting Tiwa
what do you think about what is happining now on eurjpy 4hour comment please.
Attachment
up, up, up IMO.
Thoughts are things
  • #2,376
  • Oct 16, 2012 5:08am Oct 16, 2012 5:08am
Quoting DarkWolF
Your attached chart is an hourly chart.

Here is some thoughts on the 4 hourly EJ chart.
sorry i usually use smaller time frame for my trigger so mistakingly took the i hour shot but here in my 4hour chart.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy 4 hour 16 10 2012-.gif Size: 32 KB
  • #2,377
  • Oct 16, 2012 5:15am Oct 16, 2012 5:15am
Quoting Tiwa
sorry i usually use smaller time frame for my trigger so mistakingly took the i hour shot but here in my 4hour chart.Attachment
All good

A good area to be watching, price moving outside of the triangle, time and time again we see the break, pause and then the push up in scenario's like that one.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 89 KB
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,378
  • Oct 16, 2012 5:50am Oct 16, 2012 5:50am
If correlation is there good if not continue its just an extra layer of strength.
Find your Favourite Pattern
  • #2,379
  • Oct 16, 2012 6:47am Oct 16, 2012 6:47am
Quoting DarkWolF
Trend lines can easily be broken just as much as they can hold.

I had a pending in which go triggered just as I was doing the image.

Early signs are it going straight into drawdown, I guess time will tell.
I bailed out on this trade and took a small loss rather than waiting for it to potentially hit my original stop loss which was above the RN area.

Just not comfortable with the position, and looking back the rejection bar probably was not a good enough bar that should have had an entry on it. It may very well head down but I have taken the position off now and taking the smaller loss.

Exit at 1.02883
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
  • #2,380
  • Oct 16, 2012 6:53am Oct 16, 2012 6:53am
Quoting Tiwa
what do you think about what is happining now on eurjpy 4hour comment please.
Attachment
Looking like that break could be holding Tiwa
Twitter - DarkWolF@OzForexTrader - Facebook Page - link in post 1
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